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Month: May 2010

by Maggie Chandler Maggie Chandler No Comments

TD Bank Forecasts Modest Home Price Correction in 2011

In our December 1, 2009 publication entitled “Canadian Housing: First In, First Out, But Where to From Here?”, we expected home sales to reach 475K units in 2010. With Q1/2010 data now available, we still expect the same level of transactions to take place for the year as a whole.

While sales in Q1 were slightly higher than our late-2009 forecast, we view the strength as borrowing from future sales in a move by buyers and sellers to preempt regulatory and interest rate changes. This is evidenced by the fact that much of the strength emanates from B.C. and Ontario, where the perception is that the upcoming implementation of the harmonized sales tax (HST) in July will raise transaction costs. Nationwide, however, the anticipation of higher interest rates has also played an important role in the currently observable strength in activity.

Our price forecast for 2010 as a whole also remains largely unchanged, with the average home transacted expected to appreciate by 9% from last year to reach an annual average just shy of $350K. We still expect annual sales to decline by 10-12% next year, reaching a still decent 420K units. Read the rest of the report

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by Maggie Chandler Maggie Chandler No Comments

Canada Real Estate Roundup

All Canadian Provinces saw a higher average real estate price in April 2010 than they did in January 2009.The average Canadian real estate price in April  saw the cities of  Vancouver, Victoria, Calgary, Winnipeg, Toronto, Ottawa, Montreal, Edmonton, Saskatoon and Regina all higher than a year ago.

The following is a release by CREA, you can hold your mouse over a specific city or province and view the current average price and the average price one year ago.  Read the latest summary. Read more

by Maggie Chandler Maggie Chandler No Comments

Real Estate Analysis for Coal Harbour’s Bayshore Drive, Vancouver

Vancouver’s luxury waterfront neighbourhood of Coal Harbour has 7 condo buildings on Bayshore Drive. Since my last post on May lst, there have been no sales on bayshore drive and the listings have increased from 24 to 29.

Least expensive is $599,000 for 877sq. and most expensive is $10,500 for a Penthouse at 1777 bayshore. In fact there are now 5 penthouses for sale on Bayshore drive starting at $3,799,000. Given there were 37 sales last year, this year is not doing as well. Read more

by Maggie Chandler Maggie Chandler No Comments

Comparing Vancouver House Prices and Its Neighbourhoods

Which of the Vancouver West Side neighbourhoods do you think is the most expensive and which has appreciated the most over the last 5 years? If you answered South Granville you’d be right! It’s appreciated 115.7% over the last 5 years and 52% in the last year.

Arbutus was a close second at 109.5% over last 5 years and 38.9% in the last year.

Shaughnessy came in 3rd  at 106.5% over 5 years and 37.3% in the last year. Read more

by Maggie Chandler Maggie Chandler 2 Comments

Realtors to Canadians: Chill Out

Globe and Mail Update   Steve Ladurantaye Real Estate Reporter

There will be no drastic drop in Canadian housing prices, the Canadian Real Estate Association said Thursday, because house prices will stabilize and climbing household income will make owning a home more affordable. Responding to reports from some of the country’s largest banks that prices could see drops of as much as 10 per cent in the next two years as higher mortgage rates and rising prices make housing more expensive, the association said the naysayers are ignoring the cyclical nature of Canada’s real estate market. “The relationship between average price and income has recently been cited as portending a U.S.-style correction in Canadian home prices,” said the association’s chief economist Gregory Klump. “However, such warnings ignore the longer-term relationship between prices and income, and disregard typical Canadian housing market cycle dynamics.” The housing market has been key to Canada’s recovery, with average prices up 23 per cent from their recessionary lows at the end of April. The average price of a home at the end of April was $344,968, the highest on record and 7 per cent higher than before the recession What do you think?subscribe via RSS or email

by Maggie Chandler Maggie Chandler No Comments

Just Listed! 1906-1438 Richards, Vancouver

1438 Richards, Azura, False Creek North, Vancouver, Condo for Sale, Maggie Chandler, RealtorWelcome home to Downtown Vancouver’s Beach Crescent neighborhood & Azura! Featuring Club Viva resort amenities which incl indoor pool, whirlpool, steam, sauna, gym, squash court, billiard room, party room, media room, guest suite, and 24 hr concierge.

This NW corner 1 bedroom and den offers floor-to-ceiling windows to enjoy the city, park and marina views. Plus master bedroom walk-in closet, ensuite storage, and a spacious balcony to enjoy an evening cocktail. Your kitchen boasts a gas stove, stainless steel appliances, and a kitchen breakfast bar. Well laid out open floor plan. One parking and bike room. Read more

by Maggie Chandler Maggie Chandler 2 Comments

Vancouver Downtown Real Estate Analysis

Vancouver’s Downtown real estate analysis in April saw listings  up again and higher than any month since Jan 2008 and double what they were a year ago! Sales increased by 10 units over March, making it the second best month for sales since Jan’08. The hottest price range was $300,000-$400,000.  Condos over $700,000 in a very soft market. Average days on the market down to 33,  and average $psf up again to $649. Sale price to list price ratio steady at 98%. Supply steady at 5 months.

Listings Inventory  841. 445 listings under $500,000 (including 40 under $300,000)  255 between $500K and $700k.  79 listings between $700K and $1M.   3 listed between $1M and $2M and 19 listed over $2M. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Real Estate Analysis for Houses, Townhouses & Condos

Taking a look at Vancouver west side real estate sales for the first quarter shows that by far the most sales were condos under $500,000 and this group had the fewest days on the market and the lowest $ pr sq ft. for condos.  In fact half the $psf than the sales between $2 and $5M.

Townhomes had a lower $psf and fewer days on the market than condos.  Townhomes under $500,000 were the fastest selling of all price ranges and categories,  but houses under $1M had the lowest $psf. Condos over $5M had the highest $psf. Read more

by Maggie Chandler Maggie Chandler No Comments

Ritz – Condo for Sale – Coal Harbour – Vancouver West

Ritz Condo for Sale, Coal Harbour, Maggie Chandler, RealtorWelcome home to The Ritz! Steps to Coal Harbour’s waterfront lifestyle. You’ll love the breathtaking views of the water, mountains, and Stanley Park that you can see from the floor-to-ceiling windows of this SW corner 3 bedroom, solarium, and 2 bath condo with 9′ ceilings, air-conditioning, fireplace, and balcony. Granite countertops and stainless steel appliances. Excellent open floorplan.Features 24-hr concierge, indoor pool, gym, steam/sauna, swirlpool, and multimedia room. In the heart of the business district, with shops, restaurants, marina, and Stanley Park at your doorstep. Excellent tenant. Priced to sell!

OPEN: Saturday May 22nd, 2:30-4:00 PM. Asking $1,086,000.Contact Maggie Chandler, 604-328-0077 for a private preview.

by Maggie Chandler Maggie Chandler No Comments

UK’s Most Expensive Postal Codes. Greeks Buying in London

Property portal Zoopla has released a list of the UK’s most expensive postcodes. There are 1,500 streets in London where property’s average cost is more than 1M Pounds.

Nine out of the ten most expensive postcodes are in London.  Virginia Water in Surrey is the only location outside of London to make the top ten.

Kensington Gardens, with property prices there averaging £18 million is the most expensive followed by Chelsea, Knightsbridge and Notting Hill. Read more

by Maggie Chandler Maggie Chandler 2 Comments

West End Real Estate Analysis

West End real estate analysis saw April listings & sales up from the previous month. Listings are higher than April 2008 & 2009 and sales are lower.  The days on the market for condos that sold down to 28. The average selling price is $589,000 and lower than in Feb & Mar.  70% sold under $500,000, resulting in a challenging market for sellers in higher price range.  Overall a 4 month supply but over $1M the supply is 8 months. The list price to sale price ratio flat at 97% .  Read more

by Maggie Chandler Maggie Chandler No Comments

False Creek North Real Estate Analysis

False Creek North real estate analysis for April saw listings on the rise for the fifth consecutive month,  from 227 to 238,  higher than April’08 and ’09.   Sales fell from 39 to 31 and lower than Apr’09 and ’08. Most sales under $1M.   Luxury market in this n’hood is soft. Days on the market flat at 40. The supply of condos this year is nearly double what is was in the Fall. April’09 had 4 months of inventory, vs 7.6 months now. Average $psf 755 and sale price to list price ratio 97%. Read more

by Maggie Chandler Maggie Chandler 2 Comments

BC Home Sales Less Volatile

From BCREA The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential sales in the province climbed 21 per cent to 8,385 units in April compared to the same month last year. On a seasonally adjusted basis, MLS® residential unit sales in the province declined 4 per cent from March 2010. The average MLS® residential price climbed 15 per cent to $514,820 in April compared to the same month last year.  

“BC home sales have trended on an annual rate of 84,000 to 86,000 units over the past three months, down from the 108,000 unit pace recorded in the fourth quarter of last year,” said Cameron Muir, BCREA Chief Economist. A total of 85,028 MLS® residential unit sales were recorded in 2009. “Higher home prices, particularly in Vancouver, the Fraser Valley and Victoria as well as a recent lift in mortgage interest rates has eroded affordability and had an impact on overall housing demand,” added Muir.

The BC residential sales dollar volume increased 73 per cent to $13.5 billion in the first four months of 2010, compared to the same period last year. Residential units sales rose 47 per cent to 26,669 units year-to-date, while the average MLS® residential price climbed 17 per cent to $507,616 over the same period. Read more

by Maggie Chandler Maggie Chandler No Comments

Vancouver Olympic Village Real Estate Analysis

The Olympic Village is Vancouver’s last waterfront community.  Vancouver real estate statistics for False Creek South (Olympic Village) saw April listings up  and sales down. Average days on market increased to 60 and  average sold price down to  $420,000 . Average $psf flat at $642.. sale price to list price ratio 99%.

420 units of the 1,100 total units on the site have been sold.   MilleniumWaterwill be pre-selling the remainder in May . The waterfront units will be over $1M. Hire me as your Buyer Agent! May 15th is the Grand Opening and 9 floorplans will be on display. View the plan for the neighbourhood, including its amenities. The neighbourhood will eventually house 16,000 people. Read more

by Maggie Chandler Maggie Chandler 8 Comments

Vancouver Real Estate Graph

The  graphs for Greater Vancouver real estate show the average price of Greater Vancouver homes, townhomes and condos are now above their last peak in 2008.  Prices have been rising since March’09. The graph shows the houses on the top, townhomes (middle) and condos (bottom) average price from 1977 to present.  The Vancouver market peaked in 1981, 1989,1993 and 2008. Vancouver real estate didn’t appreciate much between 1994 and 2002 but they did between 2002 and 2008. Then it dropped about 20-25% and has now surpassed the highs of 2008. Read more

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